Regarding Foreclosure Auctions – How to locate Them and What to prepare for

by Patek Philippe on February 23, 2012

Are you looking to buy a new home? If you are, you may be turned off by the real estate prices you see on the market. If so, this doesn’t imply that now isn’t the time to get a home, but it does mean that you might be looking in the wrong place. Rather than visiting the online websites of real-tors or flipping through their brochures, place your concentrate on foreclosure properties. Foreclosure properties are often considered a great buy, as they are easy to find and affordable.

Probably the most popular ways that foreclosures are ordered and sold is at an auction. This auction typically takes place at a county, town, or village government office, for example the clerk’s department. As for how you can find these foreclosure auctions, they can be advertised in local newspapers. You may also search local records, as foreclosures are public notice.

Mostly of the downsides to buying a home with a foreclosure auction is the inspection, as you aren’t typically granted one. Most bidders are bidding on the home as-is. As-is isn’t so bad, however it may be if you haven’t seen the property. With that said, since foreclosures are public notice, you ought to be able to get the address with the property in question. You will want to drive by. Even though you should not judge a book by its cover, a drive by can present you with an idea of what to expect. When you have doubts, it may be ideal to move on and target other auctions.

If you decide to attend a foreclosure auction, the last thing you want to do is just show up. Which is unless you are scouting to see how an auction works. When you are serious about purchasing a foreclosed property at an auction, you should be prepared. This preparation involves having financing aligned. Many will require that you either have the money on hand or show proof that you do have the financial resources needed to stick to the sale. Contingency loans are often prohibited. Check deposits are sometimes required before you can even place a bid.

As for the auction itself, the treatment depends. It is not uncommon for bids to be sealed. Once everyone has placed an offer, the highest bidder will be announced. For bids that are not sealed, the auctioneer will start which has a figure, often around $1,000 or less and the bidding will continue on. If you’re the winner bidder, you will need to know that you may not be able to transfer to your new home right away. In reality, it is likely that you will be unable to accomplish that. Many states give current occupants a redemption period or a grace period. This is where they could still fight to keep their home. After this point has passed, start the eviction process if your current occupants do not leave voluntarily.

Mainly because it was previously stated, you may want to attend foreclosures auction and just sit on the sidelines. You have to be allowed to do so. If you are not familiar with the buying and selling of real estate, foreclosures, or auctions, you can learn a lot. This knowledge is important, as many fellow bidders will be investors trying to turn a profit, not buy their first home.

Find out more about the web site Auction Luxury Watch.

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